Article

Financial Partnership with Your Life Partner

Posted on: 6th Feb 2019

It’s the season of love and many of you who are coupled, engaged or married are basking in it. But while all of this is on-going, it is easy to forget or brush off some pertinent things such as finances in relationships. Whether you’re married and especially if you’re not yet hitched, talking about your finances as a couple is a crucial subject that should be properly ironed out in every relationship.

As mentioned earlier, the love shared between two people can be very powerful and many times, couples get carried away and neglect the subject of finances in the process. However, this should not be so as before going into official partnership (marriage) with your proposed life partner, you are both expected to discuss and create a financial plan that benefits the both of you. If for some reason you have not yet had this discussion and you’re already married (perhaps you have just been winging it) those days should quickly come to a halt as you now need to take more proactive steps towards your finances as a couple.

There are financial decisions, procedures, and steps both of you can take to ensure that you are both financially secure now and in the future.

 

  1. Pulling Financial Resources Together.

Whether it’s in form of a joint savings account or some form of banking set-up created to allocate prescribed percentages of your income into a central account, you and your partner should endeavor to have some sort of money pond where you both throw in something each month or so. This is the kind of money talk you want to have before tying the knot. This way you’re sure that you’re not only marrying your life partner but that you’ve also got yourself a financial partner for life.

  1. Joint Investments.

A couple can decide to invest in real estate, bonds or any profitable and secure form of investment provided that they’re both in the know and aware of their vested interests. This will benefit each couple in the grand scheme of things and it is important to initiate as early as possible into the relationship (especially for married couples).

  1. Life Insurance.

Nobody likes to talk about the end especially at the beginning. But we’ve found that it is exactly the best time to talk about it. At African Alliance, there are special life insurance covers for spouses that will be of great advantage to both parties. When the end finally comes (and we hope not soon enough), the surviving couple will be able to benefit immensely and when the dust settles you will come to realize that you both made the right decision.

 

Many relationships, marriages, and engagements have been known to take a huge hit as a result of a faulty or non-existent financial partnership between both couples. To avoid such an unfortunate situation, it is paramount that you adhere to some or all of the suggested ways you can go into financial partnership with your life partner as stated above.

Article

How Business People Can Save to Pay Off Their Debts

Posted on: 21st Jan 2019

One of the very first lessons you learn before going into a business of any kind is that of the risks involved. The risk of doing business varies depending on the type of business you choose to go into. However, one thing seems to be quite consistent when doing just about any kind of business and that is the inevitable possibility of running into debts.

Nevertheless, for every problem, we like to think that if you search hard enough, there is always a solution lurking. So what is the panacea to this fiasco? How can businesspersons save to pay off their debts?

We are going to highlight a few ways business people can save up in order to be debt free and have their businesses continue to progress smoothly.

 

  1. Analyze Expenses and Cut Down where Necessary.

Of course one of the first and foremost ways to save is to first of all cut down on your business expenses. Analyze or audit, but just be sure to shave off all the unnecessary costs. What may seem small now, may be costing you a lot when summed together. Therefore, it is quite pertinent that for you to start saving, you must attempt to stop spending; at least on things you can do away with. This way you can redirect monies saved to paying off debts.

 

  1. Concentrate on Customer Retention and not Acquisition.

A lot of debt is incurred by business people when they attempt to acquire new clients. This can be quite expensive and in order to save up to pay off debts, a business should concentrate more on customer retention. That is to say, their focus should be directed at already existing or old clients, as it is far cheaper to get them to do business with you again than acquiring new clients. On the road to saving to pay off debts, this method will prove quite effective in doing so.

 

  1. Save Up by Making Good Investments Beforehand.

Good businesses make investments as a form of financial security. Investments made by business people should be such that it can generate interests that will serve as savings.  So that in cases where the business is in debt, there is a viable source to obtain money to pay up these debts.

At African Alliance, there is an investment scheme called the “Investment Plus Plan”. This investment category allows for a businessperson to earn up to 5% interest on savings. From as low as 5000 naira, businesspeople can begin to save up funds for the rainy day bearing two things in mind; the first is that they are entitled to an interest rate they most likely won’t get in commercial banks, in addition to the free life insurance cover that comes with this product. It is a package deal with a life cover up to the tune of 1 million naira. Note that you become eligible to request for policy loans as well which can also enable you to pay up debt.

The mere mention of debts can cause some people to immediately develop high blood pressure and this is because it can be quite an uncomfortable position to be in. It is even dicey and a bit more serious when it is a debt owed due to the cost of doing business. But with these few tips we’ve highlighted above, you should be one step closer to solving your debt problems.

Article

4 Ways to Save Some Money for A Memorable Christmas

Posted on: 19th Nov 2018

If you’re a great spender during the Christmas season and it makes you miserable afterwards (especially when January becomes as dry as Harmattan), then this article is for you.

You can attribute it up to being over-excited or just a general lack of financial discipline, but whatever the case is, it turns out people just find it difficult to save during the Christmas season.

So, how can you make this Christmas different from all others?

Let’s Make A Budget.

Ask yourself – what’s the target? How much do you need to spend and on what items?

Create a list of things you need to spend on. Cancel out those that seem frivolous.

There will be expenses that tend to emerge out of the blue this period, so prepare for them by making room for what is typically referred to as “miscellaneous”. Be careful not to over-extend your budget as this is another common mistake that  makes people to go overboard.

Trim Down the Budget.

Many people end up buying more than they need or buying what they don’t even really want.

For you, this is not going to happen, right?

Before you add all the items in the world on your budget, stop and think – do I NEED this or do I WANT this?

Review your current holiday traditions and note where you have excesses. Having figured this out, you need to cut it. Keep in mind the whole time that the festive period is exactly that, a period – it will disappear as quickly as it arrived.

Stick to That Budget.

Ever walked down the street and then seen those nice pair of shirts or shoes that you know would look perfect on you?

Before you go too far, resist that temptation.

There will be temptations and you will feel the very persuasive need to reach in there and harm your savings. Do not succumb, take a few steps back and retreat. The trick is to pick up that budget wherever you have it spelled out and be reminded that you owe yourself a memorable Christmas treat this season. Pay a blind eye to the numerous holiday offers that will be floating around this season.

It’s nothing but a trap

 

Save in Bits for the Unforeseen

It is much easier to save N10,000 every month than it is to save N120,000 at a go. Try it and see. However, we know that plans go awry; sometimes, we do not plan things and they go South.

Who’s got your back during those trying times?

We recommend getting an investment plan that has life insurance features added. This way, no matter what happens, you will always have confidence to celebrate Christmas today and the years to come.

In summary, you need a healthy dose of financial discipline, self-restraint and good judgment. Apply these simple principles in addition to the tips above and if you are able to stick to them, you would be the happiest Christmas spender that ever liveth.

Do you have more ideas to include? Comment below.

 

 

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